TOCOM extends gains, hits near 1-week high on softer yen
Benchmark Tokyo rubber futures ended higher for a third straight session and hit a near one-week high on weaker yen and firm Shanghai futures, brokers said.
Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, have gotten support in recent sessions as the dollar continued to strengthen after touching a roughly 10-month low against the yen late last week.
Asia's top rubber producers are meeting in Thailand this week, with export curbs to help boost prices likely to be on the agenda.
The Tokyo Commodity Exchange rubber contract for February delivery finished 2.2 yen higher at 231 yen per kg. Earlier in the session, it touched 232.5 yen, the highest since Sept. 7.
The most-active rubber contract on the Shanghai futures exchange for January delivery rose 70 yuan to finish at 16,775 yuan per tonne.
The front-month rubber contract on Singapore's SICOM exchange for October delivery last traded at 168.80 U.S. cents per kg, up 0.2 cent.
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